May 20, 2024

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Pakistan Revenue

Month: May 2019

Installing scanners at Pak-China borders suggested to prevent misuse clearance under CPEC
May 25
2019-2020, Budget, Pakistan Customs, Taxation

Installing scanners at Pak-China borders suggested to prevent misuse clearance under CPEC

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has suggested to install scanners at Pak-China borders to stop misuse customs clearance of goods transported under China – Pakistan Economic Corridor(CPEC). The ICAP in its tax proposals for budget 2019/2020 said that CPEC is a journey towards economic regionalization in the globalized world. This will deepen […]

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New tax legislation sought for Islamic banking
May 24
2019-2020, Budget, Taxation

New tax legislation sought for Islamic banking

KARACHI: Federal Board of Revenue (FBR) has been suggested to draft new legislation for taxation of Islamic banking. It is proposed that the audited financial statements of Islamic banks as well as those of Islamic Banking branches/windows operations of conventional banks provided separately in the audited financial statements of conventional banks submitted to the State […]

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UBL completes winding up New York Branch
May 24
Money & Banking

UBL completes winding up New York Branch

KARACHI: United Bank Limited (UBL) has completed winding up of its New York Branch following the agreement was terminated by Federal Reserve Bank of New York (FRBNY), a statement said on Friday. In a notices sent Pakistan Stock Exchange (PSX), the bank said that further to the disclosure made on January 29, 2019 regarding the […]

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Rupee recovers another 25 paisas against dollar
May 24
Money & Banking

Rupee recovers another 25 paisas against dollar

KARACHI: The Pak Rupee gained another 25 paisas against dollar for second day on Friday after witnessing massive deterioration during past nine days. The rupee ended Rs151.20 to the dollar from previous day’s closing of Rs151.45 in interbank foreign exchange market. The foreign exchange market was initiated in the range of Rs151.30 and Rs151.50. The […]

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Compulsory acquisition of immovable properties for Naya Pakistan Housing Scheme; Ordinance promulgated
May 24
National

Compulsory acquisition of immovable properties for Naya Pakistan Housing Scheme; Ordinance promulgated

ISLAMABAD: The government will procure immovable properties for Naya Pakistan Housing Scheme through any means permissible under law including compulsory acquisition. In this regard President of Pakistan on Thursday promulgated Naya Pakistan Housing and Development Authority Ordinance, 2019 to provide for housing and real estate development, and other activities related to land and construction. As […]

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FBR suggested removing impediments in availing exemption certificates for industrial growth
May 24
2019-2020, Budget, Taxation

FBR suggested removing impediments in availing exemption certificates for industrial growth

KARACHI: Federal Board of Revenue (FBR) has been suggested to remove restriction of exemption certificates for import of plant and machinery for new projects in order to promote industrial growth in the country. Pakistan Tax Bar Association (PTBA) in its tax proposals for budget 2019/2020 said that existing procedures and rules for obtaining exemption certificates […]

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France gives 94 million Euros soft loan to Pakistan
May 24
Finance

France gives 94 million Euros soft loan to Pakistan

ISLAMABAD: French Agency for Development (AFD) has extended Euro 94.01 million soft loan to Pakistan for extension of water resources, a statement said on Thursday. Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Sheikh, witnessed the signing ceremony of the Credit Facility Agreement worth Euros 94.010m for Extension of […]

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